Yellen again urges Congress to raise U.S. debt limit

FILE PHOTO: U.S. Treasury Secretary Janet Yellen answers questions during the Senate Appropriations Subcommittee hearing to examine the FY22 budget request for the Treasury Department on Capitol Hill in Washington, DC, U.S., June 23, 2021. Greg Nash/Pool via REUTERS

WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen on Monday reiterated her call for Congress to raise the U.S. debt limit through bipartisan action as the federal government moves closer to exhausting its borrowing capability.

The move would not increase government spending or pave the way for future spending, she said in a statement, adding: “It simply allows Treasury to pay for previously enacted expenditures. Failure to meet those obligations would cause irreparable harm to the U.S. economy and the livelihoods of all Americans.”

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